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Marcato backs Villere & Co.'s alternate director slate following a Missouri court ruling permitting Villere's nominations. Quotes William Blair sell-side research and cites ISS/Glass Lewis opposition as third-party credibility props. No explicit target price; implied upside anchored on P2 Capital's rejected $20 bid. No named primary author — firm-authored.", "kpisCited": [ { "detail": "Epiq 34.6% vs. Russell 93.6% — underperformance of 58.9%", "metric": "10-year TSR vs. Russell 3000" }, { "detail": "Epiq 34.6% vs. peer average 97.3% — underperformance of 62.6%", "metric": "10-year TSR vs. proxy peers" }, { "detail": "Missed revenue in 5/8 years; EBITDA and EPS in 7/8 years (2008-2015)", "metric": "Guidance miss frequency" }, { "detail": "$29m actual vs. ~$35m budget in 2015 = 83% of budget", "metric": "Iris acquisition revenue vs. plan" }, { "detail": "EPS declined 10% while revenue grew 47% and EBITDA grew 17%", "metric": "Indexed EPS 2012-2015" }, { "detail": "Worsened from ($20m) in 2009 to ($41m) in 2015", "metric": "Unallocated corporate adj. EBITDA" }, { "detail": "Grew from $77m (2009) to $161m (2015) — index 208 vs. revenue index 243", "metric": "Adjusted SG&A" }, { "detail": "Rose from $3.0m (2012) to $3.3m (2013) to $3.9m (2014) despite deteriorating results", "metric": "CEO compensation" }, { "detail": "Only 30% of votes in favor of executive compensation at 2014 annual meeting", "metric": "Say-on-pay support" }, { "detail": "Stock trades ~28% below P2 Capital's $20 buyout proposal", "metric": "Share price vs. P2 offer" } ], "closingAsk": "Vote for Villere & Co.'s alternate slate of directors at Epiq's 2016 annual meeting to drive management accountability and maximize shareholder value.", "extraction": { "at": "2026-04-22 17:05:00+00", "model": "unknown-legacy", "runId": null, "seconds": 82.48338, "promptVersion": null }, "scqaReward": "Closing the credibility discount and re-engaging strategic alternatives such as P2 Capital's rejected $20 proposal would recover the ~28% gap between the current ~$14 price and the prior bid, plus longer-term peer-catch-up upside.", "thesisTypes": [ "governance_board", "management_change", "sale_of_company" ], "top3Reasons": [ "Epiq has underperformed Russell 3000 by 58.9% and peers by 62.6% over 10 years", "Management missed EBITDA and EPS guidance in 7 of 8 years while CEO pay rose to $3.9m", "Board rejected P2's $20 bid; stock now trades ~28% below that offer" ], "scqaSituation": "Epiq Systems is a legal and bankruptcy services technology provider whose 4.8%-owned stake Marcato holds, operating under a long-tenured management team and an incumbent board that has controlled strategy and compensation for years.", "thesisSummary": "Epiq Systems has delivered persistent long-term share price underperformance — trailing the Russell 3000 by 58.9% and proxy peers by 62.6% over ten years — while management missed revenue guidance in 5 of 8 years and EBITDA and EPS guidance in 7 of 8 years. The recently acquired $134mm Iris Data Services is already running at only 83% of budgeted revenue, and unallocated corporate EBITDA and SG&A have ballooned even as EPS declined 10% from 2012 to 2015. Despite this, CEO compensation rose from $3.0m to $3.9m, ISS and Glass Lewis opposed pay plans in 2013 and 2014, and the Board rejected P2 Capital's $20 buyout proposal — with shares now ~28% below that bid. Marcato, owning 4.8%, argues shareholders must elect Villere & Co.'s alternate director slate at the 2016 annual meeting to restore accountability and maximize value.", "primaryDemands": [ "Replace incumbent directors with Villere & Co.'s alternate slate at the 2016 annual meeting", "Drive management accountability for repeated guidance misses and poor capital allocation", "Run a credible strategic review; re-engage with P2 Capital's $20/share proposal rejected by the Board" ], "scqaResolution": "Shareholders should elect Villere & Co.'s competing slate of highly-qualified directors at Epiq's 2016 annual meeting — now court-approved — to drive management accountability, reset capital allocation discipline and chart a new strategic course.", "thesisOneLiner": "Epiq's board has insulated management through chronic guidance misses, a failed Iris acquisition and governance entrenchment; electing Villere's alternate slate is the unique opportunity to unlock value.", "precedentsCited": [], "scqaComplication": "Management has missed EBITDA and EPS guidance in 7 of 8 years, the $134mm Iris acquisition is already 17% short of plan, SG&A has exploded, and the board has erected bylaw, poison-pill and standstill obstacles to shareholder action.", "narrativeInterest": 4, "notableSlidePages": [ 3, 4, 6, 8, 10, 11 ], "peerCompaniesCited": [ "ACIW", "EPAY", "CBR", "CTG", "CLGX", "CRD.B", "EEFT", "FICO", "FCN", "NCI", "HURN", "MMS" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/Q7vjINvZc6OqmBNsTQ36_hS7BWv9nQgTeCRRAen_3NQ/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy9kOTFlNjY4YzBhMzYvcDAwMS5qcGc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 3, "componentCount": 2, "textChars": 30, "nDataPoints": 0, "notes": null, "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:03:09.876+00", "seconds": 3.986, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6db-bbda13f8f3bc/1", "deck": "/decks/019dd923-622b-71dc-a6db-bbda13f8f3bc", "deckAnchor": "/decks/019dd923-622b-71dc-a6db-bbda13f8f3bc#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6db-bbda13f8f3bc.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.13, "x": 0.43, "y": 0.6 }, "kind": "paragraph", "text": "EPIQ SYSTEMS\nAPRIL 2016", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:09.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ef33494-d9c4-4d97-bffa-836da296d52b", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.39, "x": 0.06, "y": 0.59 }, "kind": "title", "text": "MARCATO", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:03:09.876+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4891f598-6cc3-40f8-ac79-d50efc328101", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. 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